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Mar 28, 2020
Tapestry Q3 2020 Earnings Report
Tapestry's Q3 results were impacted by the COVID-19 pandemic, with net sales totaling $1.07 billion compared to $1.33 billion in the prior year. The company is taking mitigating actions to reinforce liquidity and financial flexibility.
Key Takeaways
Tapestry Inc. reported a significant weakening of results in the fiscal third quarter due to the global expansion of the novel coronavirus. Net sales totaled $1.07 billion, a decrease from $1.33 billion in the prior year. The company is implementing aggressive measures to maintain a strong financial position and adapt to changing consumer behaviors.
Net sales totaled $1.07 billion, compared to $1.33 billion in the prior year.
Gross profit was $616 million on a reported basis, with a gross margin of 57.4%.
Operating loss was approximately $685 million on a reported basis.
The company is taking aggressive actions to preserve liquidity and enhance financial flexibility, including SG&A savings, inventory management, and capex reduction.
Revenue by Segment
Forward Guidance
Due to the dynamic nature of the Covid-19 crisis and lack of visibility, the potential financial impact to our business cannot be accurately projected. Therefore, the Company is not providing guidance for its fiscal fourth quarter and full year 2020.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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